SAA staff face unemployment with possibility of no severance pay
Severance packages are contingent on SAA assets being realised at a value sufficient to cover the costs thereof
The business rescue practitioners of ailing state-owned airline SAA have laid out the process for full termination of all employees at the end of the month, but only if funds exist at the end of the winding down of the company.
SAA is insolvent and its liabilities completely outweigh its assets. This means that the airline’s 5,000 employees actually stand to get no severance pay unless the government can ensure there is money available. ..